Removal of the management body

(1) Where the measures under section 36 are not sufficient to improve the significant deterioration of the institution's economic situation and to remedy the breaches of the legal provisions referred to in section 36(1), the supervisory authority may direct the institution to remove individual or all managers or members of the supervisory or administrative organ. The appointment by the institution of new managers or members of the supervisory or administrative organ requires the consent of the supervisory authority.
(2) Powers of the supervisory authority under the Banking Act remain unaffected.